CardioNet (BEAT) Acquires ECG Scanning in $6.4M Deal
On February 10, 2012, CardioNet, Inc., (Nasdaq: BEAT), entered into and closed on a definitive Stock Purchase Agreement with ECG Scanning and Medical Services, Inc., an Ohio corporation and ECG’s sole shareholders, John Nasuti and Randy Nasuti.
Upon the closing of the transaction, the Company acquired all of the issued and outstanding capital stock of ECG from the Sellers, and ECG became a wholly-owned subsidiary of the Company. ECG is a provider of cardiac monitoring services in the United States.
Pursuant to the terms and conditions of the Stock Purchase Agreement, the Company (i) paid $5.8 million to the Sellers in cashupon the Closing and (ii) agreed to pay up to an additional $0.6 million to the Sellers in cash if ECG’s revenue meets certain agreed upon performance targets during the 12-month period following the Closing. The Aggregate Consideration is subject to a post-Closing increase or decrease based on the amount, if any, by which ECG’s net working capital at Closing exceeded or fell short of an agreed upon target. The purchase price paid at Closing was funded with the Company’s cash on hand.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
Upon the closing of the transaction, the Company acquired all of the issued and outstanding capital stock of ECG from the Sellers, and ECG became a wholly-owned subsidiary of the Company. ECG is a provider of cardiac monitoring services in the United States.
Pursuant to the terms and conditions of the Stock Purchase Agreement, the Company (i) paid $5.8 million to the Sellers in cashupon the Closing and (ii) agreed to pay up to an additional $0.6 million to the Sellers in cash if ECG’s revenue meets certain agreed upon performance targets during the 12-month period following the Closing. The Aggregate Consideration is subject to a post-Closing increase or decrease based on the amount, if any, by which ECG’s net working capital at Closing exceeded or fell short of an agreed upon target. The purchase price paid at Closing was funded with the Company’s cash on hand.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
You May Also Be Interested In
- UPDATE: SAP's (SAP) America Unit to Buy Ariba (ARBA) for $45/Share
- China Investment may nab $2B stake in Alibaba - Reuters
- UPDATE: RR Donnelley (RRD) to Buy Edgar Online (EDGR) for $70.5M
Create E-mail Alert Related Categories
Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
